Originally Posted by
3Cforme
That's a great explanation, but take it farther:
- Of the 686 million Visa cards issued, how many are used by (frequent, regular) international travelers?
- Of that population, how many regard the status quo as a problem?
- Of those, what's the median value they're willing to pay for a fix? (I wouldn't pay $10 annually as I don't view work-arounds as that troublesome for my volume of transactions.)
One sees pretty quickly why U.S. banks haven't spent $ Billions to copy the smartchip scheme.
That's if you look at revamping the entire US authorization system. What about just implanting a card into certain new cards? For a fee? The banks don't want to do that though, because that would mean admitting their previously-issued cards are not as compatible as they would like one to believe.
You may not be willing to pay $10 a year, but I'm guessing there are others out there (myself included) who would consider $10/year a bargain for the added convenience. Better yet, offers chips on premium cards only (Delta Reserve, for example) to motivate people to upgrade.